The continued slowdown in inflation in March in the United States and the prospect of a bearish monetary pivot from the Fed remain the two factors anchoring the upward trend in bitcoin price. The latter is trying this week to make a technical breakout of the chart resistance at $29,000, a possible signal that needs to be confirmed on the Sunday weekend.
Inflation continues to decline in the United States, the US dollar is under downward pressure
Bitcoin (BTC) price bullish performance this year now more than 80%, including 35% for the part alone that followed the March banking crisis. Gold, silver and BTC are in the same basket of winners from the distrust of regional US banks, but the banking crisis is not behind the bull movement of BTC and precious metals.
This episode of banking stress older dynamics of capital outflows against the US dollar were maintained on the foreign exchange market. The bearish movement of the US dollar started last fall and is acting upward in the crypto market through a well-established inverse correlation effect over time.
The sources recalled the decline of the US dollar :
- The deflationary sequence began a few months ago in the United States;
- the increased likelihood of a recession in the United States;
- The proposed time horizon for the Federal Reserve Terminal (FED) rate;
- A projected downward pivot this year for the Fed’s interest rate cycle;
- In general, a gradual de-dollarization of the world economy, a desire particularly shown by some large countries in Asia.
So let’s keep that in mind bitcoin would not be at $30,000 without this general decline in the dollar on Forex and so, it is imperative that the dollar continues to decline in order for BTC to hit further upside price targets.
Regarding the technical analysis of the dollar (US, always), the market is currently testing the threshold of 101 points, a level that would accelerate the decline if broken.
Chart connecting the weekly Japanese candles (left) of the US dollar price (DXY) with the Japanese candles in daily data (right)
👉 To go further – Get our guide to buying Bitcoin (BTC)
The reference platform to buy and trade more than 600 cryptos
10% off fees with code ZWUFE2S1 🔥

Bitcoin Attacks Major Chartist Resistance at $29,000
We will now return to the graphic considerations regarding the price of bitcoin that is trying this week to overcome the major resistance of 29,000 dollars, ie the upper part of the powerful bearish gap that opened on Monday, June 13, 2022.
If this resistance is breached based on a weekly close, then the next chart targets will be at $32,500 and $34,000.
Finally, I note that the dominance of BTC is maintained under the resistance at the top of its range, little by little the witness is entering the hands of ETH and certain altcoins. If the troops start to follow the general, then it will be positive for the overall bullish pattern.
Chart showing Japanese candles in monthly bitcoin price data
👉 Get the latest technical analysis from Vincent Ganne on YouTube:
Get exclusive analysis by Vincent Ganne on Cryptoast Research, the perfect place to advance in your cryptocurrency investments. You will learn how to position yourself at strategic price levels, to identify investment opportunities and anticipate price movements. Join us now and take control of your crypto investments.
Newsletter 🍞
Get a summary of crypto news every Monday by email 👌
What you need to know about affiliate links. This page presents assets, products or services related to investments. Some links in this article are affiliates. This means that if you buy a product or register on a site from this article, our partner pays us a commission. This allows us to continue to offer you original and useful content. There is no influence on you and you can even get a bonus by using our links.
Investments in cryptocurrencies are risky. Cryptoast is not responsible for the quality of the products or services presented on this page and could not be responsible, directly or indirectly, for any damage or loss incurred after the use of a product or service highlighted in this article on him. Investments involving crypto-assets are inherently risky, readers should do their own research before taking any action and only invest within the limits of their financial capabilities. This article does not constitute investment advice.
AMF recommendations. There is no guaranteed high return, high risk is associated with a product with high return potential. This risk must be in line with your project, your investment horizon and your ability to lose some of these savings. Do not invest unless you are prepared to lose all or part of your capital.
To go further, read our Financial Status, Media Transparency and Legal Notices pages.